Farm deal's $3.5m boost for King

Farm deal s $3.5m boost for King - The West Australian

A son of billionaire iron ore heiress Angela Bennett has emerged as rural property dealer Michael King's potential saviour from the wrath of another member of WA's Rich List.

Grant Bennett's investment company GKB Global Property has agreed to buy a Boddington farm as part of what are understood to be plans to spend up to $100 million buying WA rural properties.

The farm deal is due to be settled in the middle of the month and could deliver a windfall gain of up to $3.5 million to Mr King. However, this could come too late for Mr King, who is due to front the Federal Magistrates Court this morning to fight a bankruptcy application by a private company owned by veteran rural property investor Maddeliene Caratti.

Mrs Caratti is the matriarch of the Caratti family, who are the biggest holders of farmland in the Esperance region and have property holdings spread across southern WA.

The Caratti family's wealth was estimated in last year's WA Rich List at $345 million.

Mrs Bennett's wealth is likely to exceed $1 billion through her interest in the Wright Prospecting empire founded by late father Peter, the partner of Lang Hancock.

However, it is unclear if Mrs Bennett has any financial involvement in the rural property plans of Grant Bennett. His purchase vehicle GKB is wholly-owned by a company of which he is the sole registered director and shareholder. Mr Bennett could not be contacted for comment

The Peppermint Grove-based businessman is believed to have supported Mr King through his recent falling out with the Caratti family. Mr King is due to go on trial in the Perth Magistrates Court on April 15 after pleading not guilty to a charge of fraudulently disposing of a BMW X5 that he had allegedly put up as security for a soured $150,000 loan deal with Mrs Caratti's company.

Mrs Caratti's oldest son John is listed as a prosecution witness and is leading the push for Mr King to be bankrupted over the loan.

It is understood that interests linked to Mr King had signed agreements to buy the Boddington farm while looking for farms with multiple titles that could potentially be carved up and sold as smaller recreational lots.